4 Financial Strategies to Leverage if your Portfolio is Worth Millions

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Financial planning investment strategies can be found at every corner of the Internet, but not all advice applies to every person. For example, individuals with a net worth that exceeds $1M will likely not benefit from the average investment advice for those with portfolios that are worth less. If you have a multi-million dollar portfolio you wish to leverage, consider these four financial strategies from Park Place Financial.

Financial Strategies for Millionaires to Leverage

1. Reduce Tax Payments

Taxes are inevitable, but the amount you pay each year doesn’t have to be. There are several actions you can take to avoid higher tax rates and retain more money, including: 

  • Distributing tax-smart assets into the different tax categories (taxable, tax-deferred, and tax-free) to limit liability 
  • Increasing tax-deferred savings, such as an employer-sponsored retirement plan, to lower your taxable income 
  • Suspending compensation from certain investments to have better control of taxation 
  • Switching income tax to capital gains 

Income tax is a good place to start if you wish to minimize your taxes. At Park Place Financial, our wealth management advisors can review your financial profile in detail to find tax-saving opportunities that can benefit your future. These income tax planning services help ensure you avoid paying more than you are legally obliged to, providing a greater level of financial security during retirement.

2. Diversify your Investment Portfolio

Long gone are the days when individuals relied on interest from investments to fund their retirement. People are living longer and interest rates are now lower, making a diversified portfolio vital to financial stability in retirement. The most effective portfolio will allow you to withstand inflation without being exposed to substantial risk.

Individuals with ultra-high net worth often miss out on strategies that help them effectively manage their wealth because they can’t find the correct advice. Park Place Financial offers customized investment planning services to help each client achieve their financial goals while minimizing risk. Our certified financial planners (CFPs) can analyze your income to determine which investments may generate the most cash flow for the future.

3. Consider your Healthcare Needs

One of the most overlooked aspects of financial planning is healthcare. Neglecting to incorporate projected medical expenses into your financial plan can be extremely risky since health issues typically increase with age. Additionally, inflation rates for healthcare costs continue to rise faster than the average for other expenses.

Many people rely on Medicare once they reach 65, but this benefit often comes with some restrictions. For example, it may not cover dental, vision, or long-term care. It’s important to weigh your healthcare needs to ensure sufficient coverage in the future. To establish an effective healthcare plan, consider the following factors:

  • Family history: Did your parents or other relatives have significant health conditions? What are the chances you will develop similar issues?
  • Long-term care: Will you need to move into a care facility one day? If so, how much medical assistance will you need? How much will these services cost?
  • Prescriptions: How much does Medicare cover for prescriptions? How much will you pay out-of-pocket for medications?

Park Place Financial can help you with healthcare planning, as well. Our wealth management advisors will go over your projected medical needs with you to ensure you prepare for these expenses and others during retirement.

4. Consult an Advisor on Retirement Accounts

If you have a million-dollar portfolio, more than one person is likely managing your money. For example, you may have multiple retirement savings accounts from different jobs in your career and any individual retirement accounts (IRAs) you’ve opened. It is common for people in this situation to unknowingly implement financial planning investment strategies that benefit one account while diminishing another.

A financial planner can provide the objective viewpoint you need to make sound decisions regarding your accounts as a whole. At Park Place Financial, our CFPs work as a team to help clients make the best retirement planning decisions for their unique circumstances. Following a well-designed process, we examine your finances from all angles to provide informed recommendations.

Manage your Portfolio with Park Place Financial

If you need financial planning investment strategies to leverage your high-value portfolio, turn to Park Place Financial for solutions. We conduct business with maximum integrity and transparency and put our clients’ needs above all else. Contact us today to develop personalized investment strategies with our certified financial planners in Texas.


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